On January 8, 2009, Rep. Gary Ackerman [D-NY] introduced Bill HR 302 IH in the House Of Representatives to "require the Securities and Exchange Commission to re-instate the uptick rule on short sales of securities."

The uptick rule's rescission in June 2007 contributed directly to short-sellers (including funds) being able to relentlessly "pin the bids" of stocks, such as financials, forcing stock prices lower and lower, and causing massive damage to long investors. To date, shorts have conducted endless bear raids with impunity (and will continue to do so unless and until the uptick rule is restored).

The fact that the uptick rule had not already been re-instated, in the first place, throughout the entire market crash, is downright absurd.

The reinstatement of the uptick rule is important to regular investors who hold their retirement savings in mutual funds & 401Ks. These are middle-class working people who do not trade on the short-term. These people are the majority & they need some type of protection from market short selling that destroy the value of their nest egg. Knocking down stock prices does nothing good for anybody other than a small minority of short-term traders & hedge funds that do the short selling bear raids at the expense of the majority.

In light of these difficult economic times, your support of Bill HR 302 IH would be most sincerely appreciated.

I find it ASTONISHING that the new head of the SEC didn't make this PRIORITY #1 as soon as she was sworn in. Cox was a disaster....but the fact that Shapiro hasn't changed the uptick rule fills me with dread. Are the shorts THAT powerful? Because any fool can see that the repeal of the uptick rule was a MAJOR contributor to the market crash....as it continues to be and will go on being until the uptick rule is REINSTATED pronto!

It boggles my mind that nothings been done yet about this. It seems like a no brainer to me.